Company Valuation: Formosa Plastics Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 6,62,037 5,52,546 5,04,167 2,25,984 2,48,264 4,15,046 - -
Change - -16.54% -8.76% -55.18% 9.86% 67.18% - -
Enterprise Value (EV) 1 7,04,603 6,17,325 6,13,420 3,46,479 3,57,804 4,34,734 4,44,587 4,46,555
Change - -12.39% -0.63% -43.52% 3.27% 21.5% 2.27% 0.44%
P/E 9.28x 15.3x 68.9x -187x -24.7x 14.8x 25.8x 16.1x
PBR 1.64x 1.54x 1.45x 0.78x 0.68x 0.71x 0.87x 1.15x
PEG - -0.3x -0.9x 2x -0x -0x -0.6x 0.3x
Capitalization / Revenue 2.42x 2.2x 2.53x 1.13x 1.42x 2.42x 2.28x 2.19x
EV / Revenue 2.58x 2.45x 3.08x 1.73x 2.04x 2.54x 2.44x 2.35x
EV / EBITDA 10.3x 17.5x 152x 71.7x 117x 53.7x 39.3x 37.4x
EV / EBIT 11.7x 23x -152x -83.3x -47.7x 13.6x 44.8x 593x
EV / FCF 17.8x 16x -82.3x -74.3x -45.1x 20.3x 38.4x -
FCF Yield 5.63% 6.23% -1.21% -1.35% -2.22% 4.92% 2.6% -
Dividend per Share 2 8.2 4.2 - 0.5 0.5 1.257 1.233 2.841
Rate of return 7.88% 4.84% - 1.41% 1.28% 1.93% 1.89% 4.36%
EPS 2 11.21 5.68 1.15 -0.19 -1.58 4.41 2.532 4.059
Distribution rate 73.1% 73.9% - -263% -31.6% 28.5% 48.7% 70%
Net sales 1 2,73,500 2,51,647 1,99,139 2,00,040 1,75,411 1,71,174 1,82,118 1,89,813
EBITDA 1 68,508 35,255 4,039 4,834 3,070 8,095 11,324 11,933
EBIT 1 60,100 26,799 -4,029 -4,162 -7,505 31,910 9,933 753.1
Net income 1 71,300 36,143 7,338 -1,232 -10,049 28,079 16,115 25,840
Net Debt 1 42,566 64,779 1,09,253 1,20,495 1,09,540 19,688 29,541 31,509
Reference price 2 104.00 86.80 79.20 35.50 39.00 65.20 65.20 65.20
Nbr of stocks (in thousands) 63,65,741 63,65,741 63,65,741 63,65,741 63,65,741 63,65,741 - -
Announcement Date 10/01/22 13/03/23 07/03/24 13/03/25 06/03/26 - - -
1TWD in Million2TWD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.63x2.51x53.16x1.95% 1.29TCr
14.13x0.79x5.68x4.85% 2.08TCr
26.43x3.91x12.45x6.62% 1.92TCr
-315.79x - - -.--% 1.43TCr
-80.97x0.85x6.32x0.84% 1.42TCr
20.81x3.15x10.82x1.3% 708.67Cr
22.69x2.07x13.98x1.64% 558.78Cr
21.59x0.75x11.15x2.96% 523.94Cr
27.71x2.83x18.06x1.92% 518.32Cr
Average -27.64x 2.11x 16.45x 2.45% 1.16TCr
Weighted average by Cap. -39.67x 2.09x 15.96x 2.95%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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  4. Valuation Formosa Plastics Corporation
-40%: Exceptional extension
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